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New York City officials hope to breathe new life into Water Street in Lower Manhattan, which has gone downhill after the destruction of superstorm Sandy. They plan to arrange public events in the many privately owned courtyards in the area. Physical improvements are to include widening walkways and creating pedestrian plazas.

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Hammerman & Gainer, the Louisiana-based contractor managing most of New Jersey's efforts to rebuild homes damaged by superstorm Sandy, is drawing a steady stream of complaints from homeowners seeking help. Homeowners say it is difficult to get simple questions answered, their paperwork is often lost and it is hard to get in touch with the firm's employees by telephone.

Manhattan Borough President Scott Stringer defeated former Gov. Eliot Spitzer in the Democratic primary for the nomination for the post of New York City's comptroller. The Associated Press reported that with 97% of the precincts counted, Springer was ahead of Spitzer 52% to 48%.

Proxy advisory firm Glass, Lewis & Co. recommended that Jamie Dimon's positions as chairman and CEO of JPMorgan Chase be split. The firm also called for shareholders to replace six board members, citing investigations that "have revealed questionable risk-management practices at both the senior management and board levels."

The Federal Reserve Bank of New York warned that the "tri-party repo" market could still be destabilized by runs on the market that could threaten the general financial system. "Limited tools are available to mitigate the risk of pre-default fire sales," and that "no established tools currently exist to mitigate the risk of post-default sales," according to a paper released by the New York Fed.

The massive flooding that superstorm Sandy brought to Manhattan could leave Wall Street financial firms unable to use their regular offices for weeks. The 14-foot storm surge that swept through lower Manhattan had its biggest effect on buildings along or in the vicinity of Water Street, which runs from Battery Park to Fulton Street, said Jim Rosenbluth, managing director for crisis management at Cushman & Wakefield. Learn more about the industry's action to help neighbors also affected by Sandy.